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- Innovation
- Not everyone needs to be an entrepreneur to make change and innovate
- Steve Jobs credited his success to keeping a wide range of people around him to create ideas
- Anybody with any background can successfully innovate without being an Entrepreneur (intrapreneurship)
- Background
- 3rd generation civil engineer
- "There's been more innovation in hats in the last 400 years than there had been in survey technology"
- New survey technology funded by NSA and received interest from Hollywood for the Titanic, researchers in Switzerland, and NASA.
- 10 years and 20 million dollars to find a good opportunity for their product with Boeing and their new airplane design
- Value: Speed
- ICorp program
- Academic researchers
- Developed by entrepreneurs and taught by entrepreneurs
- The Lean Start-up
- Don't waste a lot of time and money on something no one wants
- Biggest mistake entrepreneurs make is assuming they know what other people want
- Go out and talk to people before you build and product or put together an idea
- "You promised me Mars colonies and instead you gave me Facebook"
- Do not fool yourself because you are the easiest person to fool
- Most of us hear what we want to hear
- Don't spend your time on your business plan
- Investors invest based on how good your idea sounds, not how good your business plan is
- Projections are virtually useless for start-ups
- For a start-up knowing anything past the first 3 months is usually a stretch
- END GOAL is to create a repeatable and scalable business model (Only thing you should be worried about)
- Don't build something no one wants
- Refer back to the lean start up
- Most start ups fail because no one wants what they've built
- Differentiate between a "feature" and a full-fledged business
- If you have just a product idea but want to create a start-up, you need to expand the product to be a long lasting business (most businesses don't sell ONE thing)
- Focus
- "Don't go to Hollywood"/"don't chase the shiny object"
- zero in on your best-fit customer
- Customer
- Evidence come from customer interviews
- Customer segments
- Different costumers have different needs
- Specify to the -t who your customers all are
- end user
- decision maker
- payer
- Value
- Value and features are not the same thing, although features lead to value
- Understand the value that you're bringing, and if it truly gives you a competitive advantage
- Faster is not always better
- Cheaper is not always important
- Easier to use isn't value to your product, it's just a feature
